It’s a whole new year, and we know there are a lot of bright expectations for your business setup. A new year means new possibilities and new decisions. Those decisions shouldn’t be constrained to personal wellness; furthermore, professional growth is also an important aspect to look forward to.
2024 is termed to be a year with extraordinary developments, both in infrastructure and technology. Most of the statistics indicate that starting a business setup in Dubai, UAE is one of the best options for 2024. Even though there are other options, recent statistics always uphold the UAE.
We know that if you have come this far to read this, you are an ambitious businessperson. But you may be a bit confused about where to put your first step. What we could say to motivate you is that only the first step is tough; the rest of the success will happen with hard work. Starting a business will let you touch limitless possibilities. Just follow your intuition; 2024 is the year for you.
In this blog, we are going to discuss why Dubai, or the entire UAE, is the best place to start your business setup and other countries which you could also consider.
Benefits of starting business setup in Dubai, UAE
There are abundant of resources available for setting up a business in UAE. The infrastructure is developing and you can get the complete advantage of it. Let’s take a look at those possibilities.
1)Ease of Doing Business
Dubai’s business landscape thrives on efficiency, boasting an impressive score of 80.9 out of 100 in ease of doing business. The UAE’s rapid technological growth and cooperative administration translate into a seamless setup process with minimal paperwork, providing a hassle-free start for your business setup in Dubai.
2)Highly Competent Workforce
Access to a skilled talent pool is a game-changer for any business. According to Coursera, the UAE leads globally in business skills, ensuring that your venture benefits from a workforce proficient in management, leadership, and operations. Ongoing reforms further attract and retain top-tier talent, instilling confidence in your business’s upward trajectory.
3)Tax Exemptions and 100% Ownership
Dubai’s business-friendly policies shine with almost zero taxes levied on entrepreneurs. With specialized free economic zones, entrepreneurs can enjoy 100% ownership of your business setup in Dubai, providing unparalleled freedom to chart their course and innovate without constraints.
4)Profitable Geographical Location
Strategically positioned at the crossroads of East, West, North, and South, Dubai serves as a global link for manufacturers, producers, and suppliers. Its status as an airport and seaport hub fosters robust trading, import-export, re-export, and tourist industries, elevating the potential for international business growth.
5)State-Of-The-Art Infrastructure
Dubai’s transformative infrastructural developments have magnetized entrepreneurs globally. Coupled with an efficient public transportation system, outstanding telecommunications, and modern amenities, the city provides an unparalleled business environment.
6)Flexible Environment for International Businesses
Dubai’s commitment to diversity and inclusivity makes it a welcoming haven for global talent. Its policies and guidelines create a favorable atmosphere for international enterprises, embracing innovation and positioning itself as a prime destination for long-term business growth.
7)Easy and Smooth Business Setup Process
Navigating the process of expanding your business setup in Dubai is made effortless with the support of reliable entities like RAG. From market research to setting up offices and securing visas, the process becomes as smooth as a Sunday morning stroll, requiring only passport copies and a distinctive business name.
8)Say Goodbye to Huge Taxes
Dubai’s tax-friendly environment bids farewell to hefty taxes, presenting a financially advantageous landscape for foreign investors. With no personal or capital gains taxes and only a modest 5% VAT, businesses can thrive without the burden of excessive taxation.
9)Easy to Travel and Connectivity
Dubai’s strategic location and world-class infrastructure make it a global business hub. The city’s commitment to seamless aviation connectivity, coupled with thousands of weekly flights, ensures convenient travel for business owners and executives. Accessibility to international airports adds another layer of appeal for entrepreneurs considering to start business setup in Dubai.
10)Affordable and Premium Office Spaces
Dubai surpasses expectations in providing office spaces that balance affordability with premium amenities. From iconic skyscrapers to picturesque canals, the city caters to diverse preferences. Flexible options like flexi offices and virtual offices allow businesses to initiate operations without a substantial initial investment, facilitating growth at a pace that aligns with evolving business needs.
Countries that come next for setting up a business
Switzerland
- Boasting a GDP of approximately US$748 billion.
- A compelling corporate tax rate of 8.5%.
- Zurich, holding the 68th position globally, emerges as the ideal business launch location.
- Despite not being an EU member, Switzerland’s economic alliance ensures free trade with EU countries, eliminating technical and legal barriers.
- With an enviable unemployment rate of 1.9% and an astonishing 90% employee retention rate, Switzerland fosters a stable and skilled workforce.
- The country’s long-standing political stability sets a secure backdrop, offering a clear trajectory for business endeavors.
Ireland
- Boasting a GDP of approximately US$748 billion.
- A compelling corporate tax rate of 8.5%.
- Zurich, holding the 68th position globally, emerges as the ideal business launch location.
- Despite not being an EU member, Switzerland’s economic alliance ensures free trade with EU countries, eliminating technical and legal barriers.
- With an enviable unemployment rate of 1.9% and an astonishing 90% employee retention rate, Switzerland fosters a stable and skilled workforce.
- The country’s long-standing political stability sets a secure backdrop, offering a clear trajectory for business endeavors.
- Despite challenges, Ireland’s export market thrives, particularly in food, drink, pharmaceuticals, and tech-based products.
- In 2021, Ireland exported goods worth over $190 billion, showcasing a focus on international market penetration.
- Hosting European headquarters for major global companies, Ireland provides extensive networking opportunities rarely found elsewhere.
Marqueway is here to guide you in starting a business setup in Dubai
We have already discussed the unlimited prospects for starting a business setup in Dubai, UAE, in 2024. Furthermore, there are other options if you dream big. Switzerland, Ireland, Singapore, and the United States are also some of the big names on the list.
If you’re looking into Dubai, Marqueway business setup consultants are all geared up to assist you. With the new start of a wonderful year, your ambitions will surely blossom. And by the way, don’t be afraid to take the first step; the rest will be a perfect journey. Trust us, let’s make it happen.